LIC of India new plan launched on 1st. February 2020 which name is LIC New Children’s Money Back Plan 932 (Table no 932) is a traditional plan. LIC New Children’s Money Back Plan 932 is a regular premium payment money back policy. LIC ‘New Children Money Back policy 932′ is specially designed for various financial needs of children through money back at age 18, 20, and 22 of child.

LIC Children Money Back Policy 932 provides risk cover on the life of child during the policy term and provides number of survival benefits on surviving to the end of the specified duration.

Please Note: You can buy now online LIC new children money back plan 932 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

LIC New Children’s Money Back Plan 932 - Key Features

• A plan to fulfill requirement child Higher education and Marriage
• Get a Money Back from 18, 20, 22 and 25 age of child
• Premium waiver rider available in this policy for child safety
• Paid premiums are exempted from income tax under sec 80C
• Maturity amount is tax free under 10(10D)

Eligibility/Parameters of LIC New Children’s Money Back Plan 932

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Benefits

Death Benefit

Maturity Benefit

Sum Assured on Maturity: 40% of the Basic Sum Assured + vested Simple Reversionary Bonuses and FAB (If any), shall be payable.

Survival Benefit

After Completion of Age:

At 18 Years = 20% of Sum Assured.

At 20 Years = 20% of Sum Assured.

At 22 Years = 20% of Sum Assured.

At 25 Years = 40% of Sum Assured + Bonus+ Final Additional Bonus.

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Date of commencement of risk under the plan:

In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Date of vesting under the plan:

The policy shall automatically vest in the Life Assured completion of 18 years of age.

LIC New Children’s Money Back Plan 932 Rebates

There are two types of Rebates available for this policy

Mode Rebate:

High Sum Assured Rebate:

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Example for LIC New Children’s Money Back Plan 932

An example of Shyam whose child is 1 year old is purchasing this Plan with following details.

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LIC Policy 932 - Additional Information

Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : LIC New Children Money Back policy 932 provides free locking period of 2 years.

Loan Facility: Loan after 3 years

Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.

Riders available: PWB rider is available

Proposal Forms: Proposal Form no. 300 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.Assignments/Nominations: Assignment and nominations is possible under this plan.